Illinois Buyer Assistance Part II: Access Repayable

In our last article, we introduced you to Access Home from the Illinois Housing Development Authority (IHDA). Access Home provides first-time buyers with upfront cost assistance in the amount of 6% of the purchase price. Today, we are unveiling the IHDA Access Repayable program, which provides both first-time and repeat buyers 10%, up to $10,000, in assistance! 

Higher Limits, More Buyers

In most areas, and all across Chicago, Access Repayable is available to borrowers with an income of $143,880 or less. The purchase price limit is either $664,232 or $765,173, depending on whether the area is targeted to encourage more homeownership. On the other hand, Access Home limits, depending on the area, can be much lower: $119,900 income limit and $544,232

purchase price limit. 

So, although the repayable program may not offer up to $15k in assistance like Access Home, it means that plenty more Illinois buyers still have access to $10k to go toward the down payment and closing costs. Not too shabby.

When is it repaid?  

IHDA Access Repayable is a zero-interest 2nd mortgage, repaid in monthly installments over a 10-year term. For today’s first-time buyers, especially, this is a wonderful solution. Because, as we know, there are plenty of people who have the income to cover a larger mortgage payment, they just don’t have the savings to get their foot in the door. This program certainly cracks open the door. 

Learn More! 

The best way to learn more about IHDA loans, qualifying requirements, and more is by speaking with a mortgage banker. It doesn’t cost anything to get your questions answered by an expert and receive personalized advice from a professional, so fill out the contact form today!